CURRENT AFFAIRS

Detailed explanation-1: -In a $10.5 billion deal, the Adani Group on Sunday entered into definitive agreements to acquire Swiss cement major Holcim’s stake in Ambuja Cements and its subsidiary ACC , including the open offers.

Detailed explanation-2: -Detailed Solution. The correct answer is Adani Group. Gautam Adani has won the race to acquire Swiss cement major Holcim’s stake in Ambuja Cements and its subsidiary ACC for $10.5 bn (around Rs 81,361 cr), including the open offers. Holcim owns 63.19% in Ambuja Cement and 4.48% in ACC.

Detailed explanation-3: -The Adani family, through an offshore special-purpose vehicle, announced that it had entered into definitive agreements for the acquisition of Holcim Ltd’s entire stake in two of India’s leading cement companies – Ambuja Cements and ACC – the Adani group said in a statement.

Detailed explanation-4: -The Adani Group on Friday completed the acquisition of Ambuja Cements and its subsidiary ACC Ltd from Switzerland’s Holcim Group for $6.4 billion. The two cement makers together make Adani the second largest cement player in the Indian market only behind Aditya Birla Group’s UltraTech Cement.

Detailed explanation-5: -In May this year, Adani Group had announced the acquisition of Holcim’s stake in Ambuja (63.19%) and stake in ACC (4.48%; Ambuja directly owns  50% stake in ACC). Adani Group’s open offer for a 26% stake each in Ambuja/ACC ended on September 9, 2022.